Vou colocar aqui duas noticias para os entendidos em inglês opinarem.
Mediante os factos vale ou não a pena tentar entrar longo nesta accção?
Está a cair 40%.
SAN JOSE, Calif., Jul 7, 2003 (BUSINESS WIRE) -- Redback Networks Inc. (Redback) (RBAK) , a leading provider of next-generation broadband networking equipment, today announced that it has entered into a lock-up agreement with holders of 67% of Redback's 5% Convertible Subordinated Notes due 2007 ("Notes") relating to a proposed recapitalization transaction involving a debt for equity exchange. "We're very excited that this restructuring will significantly improve Redback's balance sheet and cash flows, therefore creating financial stability," said Kevin A. DeNuccio, President and CEO of Redback Networks. "This new financial model will increase our ability to innovate and grow."
As part of the recapitalization, the Notes will be exchanged for common stock. If all of the Notes are exchanged, the noteholders will receive approximately 95% of the issued and outstanding common stock immediately following completion of the transaction and the existing holders of common stock will initially retain approximately 5% of the issued and outstanding common stock of the company. In addition, Redback's existing common stockholders will receive the right to increase their ownership by approximately an additional 10% of the company's outstanding common stock through the issuance of two types of seven-year warrants: one for up to approximately 5% of the issued and outstanding common stock at an exercise price based on a company enterprise value of $250 million and one for up to approximately an additional 5% of the issued and outstanding common stock at an exercise price based on a company enterprise value of $500 million.
During the past year, Redback has made significant progress toward reducing operational costs, refocusing R&D efforts on next generation broadband and IP network development, and putting a management team and growth plan in place to execute on its long-term vision. "We believe this transaction positions us to play a significant role in the rapidly growing market for next-generation broadband networks," said DeNuccio.
Completion of the transaction is subject to completion of the note exchange offer, which requires a minimum tender of 98% of the outstanding principal amount of the Notes, approval of existing stockholders, regulatory approval and other customary conditions. Redback expects to register the exchange offer and make other required filings with the Securities and Exchange Commission (SEC) in the next few weeks.
An audio conference call open to analysts, media and the public will be held on Monday, July 07th, 2003 at 7:00 a.m. PDT (10:00 a.m. ET).
Redback Receives Extension from NASDAQ to Comply with Minimum Bid Price Requirement
MONDAY, JULY 07, 2003 8:07 AM
- BusinessWire
SAN JOSE, Calif., Jul 7, 2003 (BUSINESS WIRE) -- Redback Networks Inc. (Redback) (RBAK) , a leading provider of next-generation broadband networking equipment, today announced that on June 23, 2003 it received a decision from the Nasdaq's Listing Qualifications Panel (the "Panel") granting Redback's request for an exception to the National Market's minimum bid price requirement, as set forth in Nasdaq Marketplace Rule 4450(a)(5). The Panel determined to provide Redback with additional time to allow for developments in the Securities and Exchange Commission's rulemaking process. Accordingly, Redback now has until at least August 23, 2003 to regain compliance with Nasdaq's minimum bid price requirement.
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